Backstage with Keith Richards – 19 May 2021

Last year the Personal Finance Society received 40 complaints about the conduct of claims management companies in less than a week after we highlighted our concerns. We shared this evidence with the regulator.

The FCA is right to be concerned about individuals connected with a wound-up financial services firm reappearing in connection with a claims management company. Individuals should not be able to financially benefit from their own past conduct, which caused consumers to be out of pocket.

It is appalling that of the 250 claims management companies the FCA regulates with permission to manage financial services claims, at least 18 are linked with businesses that could allow individuals to benefit from their past firms’ poor conduct.

The cost of poor practices at a minority of claims management companies impacts public trust and pushes up the cost of financial advice. Phoenixing must stop and poor and unethical practice needs stamping out.

Financial advisers reveal wish-list for working post-pandemic

A social media survey of Personal Finance Society members showed almost half (46 per cent) expect to work remotely two to three days a week once the government’s guidance to slow the spread of coronavirus changes to allow greater access to the office.

A total of 17 per cent of 771 individuals who took part in the poll expect to spend the bulk of their week in the office and no more than one day a week working remotely once they are safely able to do so.

Almost a quarter (23 per cent) stated once the government guidance to work from home if you can changes they still intend to stay away from the office for the bulk of the working week and spend at least three to four days a week remotely and only one to two days physically alongside colleagues in the office.

Just 14 per cent of financial planning professionals who took part in the Personal Finance Society’s survey stated they intend to go fully back into the office five days a week once the government guidance changes.

The virus broke through cultural and technological barriers that prevented greater remote working in the past. The results of this survey show the limitations and benefits of remote working have been made clear by the Covid-19 pandemic.

Clearly one size does not fit all when it comes to identifying how insurance professionals wish to work once government guidance on working from home changes. While there is clearly an appetite for greater remote working to persist post-pandemic it is interesting to note more than one in 10 want to return full-time to their office.

Financial advisers must now figure out what works best remotely and what tasks require personal interaction in order to deliver the best outcomes for clients as well as their own work-life balance.

Personal Finance Awards 2021/22

Given the year we have just experienced, now is the perfect time to consider recognising and celebrating those outstanding individuals and firms amongst our membership who strive to deliver exceptional consumer outcomes within the financial planning profession.

We’ve seen a solid start in terms of early entries – but are looking to ramp these up over the coming weeks. Whether you’re a veteran – or a first time nominee – take a few moments to review the categories and start planning your entry. Visit www.pfsawards.org to find out more.

Best Wishes,

Keith